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This paper is an empirical attempt to assess the relations among business cycles, financial cycles, and economic uncertainty for India during the period January 2003 to January 2020. Empirical findings from the vector autoregression model suggest a bidirectional causal relationship between the real and financial markets. Further, the aforementioned markets are found to influence the uncertainty index in India. We employ the Granger causality test in the frequency domain which exhibits the dynamic nature of causal relations, while our novel fractal connectivity approach reveals the long‐run correlation structure among all three variables. [ABSTRACT FROM AUTHOR]

This article examined whether the Wagner's law that represents the long-run relationship between income and public expenditure holds at the subnational level in India. It also examines whether the Wagner's law is revenue expenditure specific or capital expenditure specific in the context of Indian sub-nationals. The paper covers 21 Indian States and a time period of 40 years, from 1980-81 to 2019-20. In this study we have assessed six pairs of relationships among state-level income, public expenditures, revenue expenditure, capital outlay, public expenditure on economic services, public expenditure on social services, and expenditure on the developmental sector. The validity of the law was examined for nine different panels of states broadly under income categories and geographical regions. Unlike first-generation panel techniques, which fail to account for the aspects of cross-sectional independence and heterogeneity, the present study tests the validity of the Wagner's law using the second-generation panel unit root method and cointegration approach. The analysis adopted Panel Dynamic Ordinary Least Square to test the evidence of Wagner's law hypothesis. The findings reveal that Indian states are heterogeneous in terms of public expenditure, and there exists cross-sectional dependence. There also exists a long-run cointegrating relation between state-level income and state-level public expenditure. For the full sample, while this study finds holding Wagner's law, there is a mixed validity of the law in different panels across income categories and regions. In addition, it is observed that the validity of Wagner's law in the Indian Subnational context is mainly driven by the high-income major states, and it is more capital outlay centric. To conclude, these responsive affiliations comprehend the effectiveness of public expenditure as a fiscal policy instrument in stimulating economic growth and the contribution of economic growth in the budget exercise at the subnational level. Therefore, subnational governments need to be more strategic to ensure growth momentum as the public expenditure indirectly and directly causes the living standard and welfare of the people in the economy. It must be acknowledged that India adopted fiscal rules in 2005, which may limit the procyclical fiscal policy during the swings in the business cycle, and thus have implications for budget exercises at the subnational level. [ABSTRACT FROM AUTHOR]

Purpose: The momentum of globalization has helped the organization to gain new insights into the domain of human resources (HRs). The changing nature of work has affected the coherence of the workplaces. Today, it is essential to preserve and nurture the cognitive and creative abilities of the diverse group of employees so that concrete outcomes and actions can be achieved. Human resource planning (HRP) is one of the processes that facilitate the development of employees and the integration of their individual goals with the business plans. This paper aims to produce useful predictions and unprecedented direction to boost organizational performance amidst cyclical business fluctuations. The innovative HRP programs minimize the dysfunctional aspects of employee handling through proper assessment of their skills and abilities. This inclusive approach initiates a sustainable journey for the firm and heightens its competitive edge. Design/methodology/approach: A descriptive study has been conducted through a structured questionnaire. Primary data were collected from respondents working in the HR department of different manufacturing companies in the state of West Bengal, India. A multistage sampling technique has been used. Data analysis has been conducted through exploratory and confirmatory factor analysis. Through structural equation modeling, the researchers examined a series of dependence relationships simultaneously and represented unobserved concepts. Findings: The current study ratifies the overall model and reflects that the HRP activities, namely, retention plan, professional training and development, job analysis and design, succession planning and redeployment plan vitalizes the performance of the firm. A recruitment plan has a negative and non-significant impact on the functional performance of the organization. Succession planning practices immensely affect the firm's competitive edge followed by the retention plans. The results also uphold that the efficacious performance of the firm brings in strategic sustainability for it. Practical Implications: HRP activities sufficiently address the HR concerns facilitating the organization to coalesce the needs of the employees and the business. It helps to adopt a long term perspective to foster productivity, innovation and quality. It encourages employees to believe in their competencies to deliver their best. Such practices involve the workforce; coordinate their efforts to contribute meaningfully in this intricate business network. Thus, HRP practices drive to accomplish challenging tasks, focus on creative work-related projects, enhances an employee's coping skills and morale to establish strategic sustainability for the firm. Originality/value: The study sheds light on the fact that in this complex and dynamic business system where the authors find multigenerational workforce, it is essential to nurture the subtle aspects of the employees rather than continuous monitoring and controlling them. HRP activities provide such a platform that maximizes employees' potential and will to fit into a firm's business strategy and translate a strategic plan into action. Such practices have the capability to intensify the positive aspects and ideas in an organization. [ABSTRACT FROM AUTHOR]

The mainstay of the paper is formed by an analysis of the robustness of the Chinese economic system, the characteristics of the BRIC countries in the perspective of crisis contagion prevention, the role of the BRIC economies in the global economy, and the volatility of stock returns in Brazil, Russia, India and China. I am specifically interested in how previous research investigated structural breaks in autocorrelation of stock returns on BRIC markets, China's relative financial power, the role of BRICs in the global economy, and BRICs' mild slowdown and quick recovery from the global financial crisis. [ABSTRACT FROM AUTHOR]

New Keynesian dynamic stochastic general equilibrium models with various specifications of technology, markup, and interest rate shocks are estimated with Indian data using Kalman filter based pure and Bayesian likelihood estimation. Preference and interest rate shocks are found to be important for output determination, whereas markup and interest rate shocks are important for inflation. News, as contained in stock market variables and arising from anticipated interest rates, affects growth of gross domestic product. Interest rate shock is anticipated at horizon of one quarter and out of total variance explained by interest rate shock, one third is due to the anticipated shock. Anticipated interest rate shock diminishes the share of preference shock in output determination. Although markup shock has a large share, its persistence is low. There is evidence that permanent component of technology is not well anticipated. Once we incorporate this, technology shocks affect output more, although they still remain much below US levels. Implications for policy include forward guidance on interest rates, less reaction to short‐term supply shocks, and allowing technology shocks to play out. [ABSTRACT FROM AUTHOR]

The dynamic interactions between monetary policy and asset prices have conventionally been examined in terms of the asset price channel of transmission of monetary policy, given the pre-crisis analytical consensus against the use of monetary policy to respond directly to asset price inflation. In the post sub-prime crisis period, however, there has been an overwhelming intellectual support for revisiting the issue of whether monetary policy should become more sensitive to asset price trends and respond proactively to prevent any build up of bubbles. In the Indian context, this paper provides empirical evidence to explain the relevance of a policy of no direct use of the interest rate instrument for stabilising asset price cycles. While the asset price channel of monetary policy is clearly visible in empirical estimates, there is no evidence of monetary policy responding to asset price developments directly. Asset price changes also do not seem to influence the inflation path, as per the impulse response analysis in a structural VAR model. This suggests why monetary policy may continue to refrain from responding directly to asset price cycles. Credit market shocks, however, explain significant proportion of asset price variations over medium to long run, which though could be part of a broader comovement of variables over the business cycle, as visible in terms of simultaneous movement in real activity, credit flows and asset prices. Higher interest rates seem to lead to contraction in output, credit demand as well as asset prices; hence, only the impact on asset prices should not be viewed as a good enough reason to use monetary policy for stabilising asset price cycles. The financial stability concerns from asset price bubbles could be better addressed through micro and macro-prudential measures, and the effectiveness of such measures could be enhanced when implemented in a sound macroeconomic policy environment.JEL Classification: C33, E52 [ABSTRACT FROM AUTHOR]

The purpose of this paper is to re-examine the empirical relationship among alternative monetary aggregates (Ml and M2), output, prices, interest rates and exchange rates in India. The results of a five-variate vector error correction model are indicative of a bi-directional causality between each of the monetary aggregates and prices. Our findings of a feedback relationship make each of the monetary aggregates a poor intermediate target and informational variable. Moreover, contrary to most recent research in this area, the results are supportive of the real business-cycle view and the Keynesian monetary accommodation hypothesis rather than the monetarists' theory of the business cycle. [ABSTRACT FROM AUTHOR]

History of business economic cycles suggests that the market economy is subjected to fluctuations and that can be observed and predicted more meaningfully for the understanding of behavioral interactions of economic agents including institutions. Considerable amount of empirical analysis pertaining to firms' growth, expansion and survival during recession has demonstrated growth potentials of the firms which are ideally synchronized with all the operational areas of the firm's conducts and performances while focus has been laid down more on production, labor productivity and market share. Our proposed agenda is to examine how strategies have influenced the competition and competitiveness under broad scenario of recession in India nearly for five years and more particularly after the impact of covid-19. The simultaneous equation model is constructed which comprises of structural specifications consistent with the theory by netting the framework that are compatible and coherent. Persistent dynamics produced in the market by consumer, producer and retailer has a long bearing on firms' behavior both in terms of its strategy and long-term objectives. Although, combinations of strategies adopted during recession reveal both price and non-price competition strategies have been followed aggressively, as per our estimates, cut throat price competition strategies have evolved in complementing the firms' strategic positioning and market competition. [ABSTRACT FROM AUTHOR]

This article discusses the currency crisis in India and Great Britain from 1930 to 1932. The early 1930s were crucial years in the development of the imperial relationship between Great Britain and India. Many aspects of the relationship between Britain and India were altered by the great depression of the early 1930s and its political consequences. For example, as has only recently been pointed out, this period was one in which the attitude of British policymakers towards the problem of maintaining sales of British cotton goods in India underwent a fundamental change. The decision of the British government in September 1931 to take sterling off the gold standard and to impose a sterling standard on the rupee was momentous in itself. It is also important as illustrative of one important aspect of the imperial relationship. This article investigates the policies and actions of the British and Indian governments during the currency crisis of 1930-2 in an attempt to separate fact from fiction on these points. The Indian currency crisis of 1930-32 was a crisis of confidence in the rupee. Political uncertainty and economic depression stimulated a flight of capital from India and a decline in the market for her export staples.

The article presents information about the book "Fifty Years of Free Indian Economy," by P.R. Brahmananda. The book surveys the course of India's economic development over the last fifty years, throws light on the deficiencies in India's economic system and their cause and provides a consistent set of suggestions for how to overcome these problems. Based on pieces that appeared first in the Saturday edit-pages of the Hindu Business Line. Summarizes major economic events and their significance and considers the long-term consequences of the partition of the subcontinent.